Following a positive night on Wall Street, Japanese, Chinese, HK and Korean equity markets have followed suit and are all currently up 2-3%. The ASX200 was in the negative for most of the session being weighed down by negative news out of the corporate sector (Westfield was respsonsible for most of the early losses), before clawing its way back into positive territory at the time of writing.
Interesting to note that North Korea beating its chest about plans to conduct a long range missile test are being taken with a grain of salt by the markets.
I am still of the belief that we have seen the low in the Australian and US equity markets and should see the ASX200 trade sideways in a 3200/4000 range and the dow in a 7500/9000 range for the remainder of the first quarter of 2009.
